The Naira on Wednesday depreciated to N1,510 per dollar from N1,500 per dollar on Tuesday, in the parallel market.
At the Nigerian Autonomous Foreign Exchange Market, NAFEM, the Naira depreciated to N1,507.83 per dollar
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,507.83 per dollar from N1,500.79 per dollar on Tuesday, indicating N7.04 depreciation for the naira.
The volume of dollars traded in the market rose by 29 percent to $176.39 million from $136.72 million traded Tuesday. Consequently, the margin between the parallel market and NAFEM rates narrowed to per dollar from N2.17 per dollar on Tuesday.
President Bola Tinubu’s administration has not been able to contain naira fall since announcing the removal fuel subsidy on his inaugural speech.
The prevailing foreign exchange rate crisis has left many businesses to close shop, as many multinational companies has left the Nigerian shore citing unfavourable economic environment.
